Governor Edward G. Rendell, in an announcement made on 10 December, 2009, stated that $12 million funding under the American Recovery and Reinvestment Act will be used by the commonwealth towards the creation of a new revolving fund. This new revolving fund will focus on supporting energy-saving projects and developing renewable and clean energy resources.
This initiative towards developing a new revolving fund is expected to attract about $18 million in private investments as the Act requires matching funds to be provided by the applicants. Governor Rendell also remarked that job-creating and energy efficiency projects that will provide reduced energy costs to local governments, consumers and businesses, will be financed by Pennsylvania. Pennsylvanians are expected to benefit from this project even in the future, as this funding will give rise to longstanding economic and environmental benefits.
Applicants for this new revolving fund are expected to demonstrate their capability to immediately offer loans and they should also be able to showcase their lending experiences for projects dealing with renewable energy and energy efficiency. Applicants should also possess the ability to demonstrate the extent to which they can match the capital leveraged for the fund beyond the lowest level of requirement.
This new revolving fund will help in retaining and creating new jobs and will also provide financial support for energy efficiency improvements. Buildings utilizing the energy efficiency improvements will save almost 25 percent of the current energy consumed by the building. Onsite energy technology used in generating electricity for renewable resources will be developed and installed by this revolving fund.